IMF Working Paper-From Stress to CoStress: Stress Testing Interconnected Banking Systems-continued

February 16, 2012--Summary: This paper presents an integrated framework for assessing systemic risk. The framework models banks' capital asset ratios as a function of future losses and credit growth using a generalized method of moments to calibrate shocks to credit quality and credit growth.
The analysis is complemented by a simple measure of systemic risk, which captures tail risk comovement among banks in the system. The main contribution of this paper is to advance a simple framework to integrate systemic risk scenarios that assess the impact of aggregate and idiosyncratic factors. The analysis is based on CreditRisk+, which uses analytical techniques—similar to those applied in the insurance industry - to estimate banks’ credit portfolio loss distributions, making no assumptions about the cause of default.

view IMF Working paper-From Stress to CoStress: Stress Testing Interconnected Banking Systems

Source: IMF

Global ETP News
DECPG Global Weekly-February 20, 2015
February 20, 2015--Taking Stock
Eurozone finance ministers reached an agreement to extend Greece's financial bailout by four months. Greece and its Eurozone creditors agreed to extend the bailout program for four months, avoiding bankruptcy for Athens.
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Deutsche Boerse sees deal soon with Shanghai Stock Exchange
February 19, 2015--German exchange operator Deutsche Boerse aims to conclude a wide-ranging cooperation agreement with the Shanghai Stock Exchange (SSE) soon, completing a key element to its Asian expansion plans, Deputy CEO Andreas Preuss said.
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DMS-Deciphering Developing Markets-Investors Should Look to Egypt For New Opportunities
February 17, 2015--Much has been written over the last ten months or so about the truly transformational elections that took place in both India and Indonesia.
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ETF Securities Research-Precious Metals Weekly-Silver Steals the Show as the Stock Rally Resumes
February 17, 2015--Silver has been one of the best performing commodities in 2015. If the path of least resistance remains up for stocks in this moderate economic growth, low inflation environment, it also appears to be so for silver.
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FTSE Announces New GDP Weighted Index to Reflect China's Growing Economic Importance
February 17, 2015--New index captures emerging markets, China A-shares and China N-shares
Furthers FTSE's innovation to help participants prepare for the inclusion of China A-shares in global benchmarks
KraneShares launches ETF tracking new FTSE index
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Alpha smarter than beta
But smart beta assets still double in two years
February 16. 2015--Towers Watson's institutional investment clients globally allocated over $8bn to smart beta strategies during 2014, bringing the total exposure to around $40bn (in 550 portfolios) in these strategies, across a range of asset classes.
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Deutsche Bank Should Mull Split, Smith Writes in Financial News
February 16, 2015--Deutsche Bank AG should consider splitting its investment bank from its retail business, Roy Smith and former Sanford C. Bernstein & Co. analyst Brad Hintz wrote in Financial News Monday.
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ETF Portfolio Solutions founder moves to MSCI
February 16, 2015--Founder of ETF Portfolio Solutions Tim Bradbury has announced he is moving to MSCI as its vice president of ETF client coverage in Australia.
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MSCI reclassification offers promise of long-term gain
February 15, 2015--Late in 2014, following their annual review of the Global Industry Classification Standard, index providers MSCI and S&P announced the creation of a real estate sector,
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Japan Exchange CEO eyes takeovers in certain segments-Boersen-Zeitung
February 14, 2015--Tokyo bourse operator Japan Exchange Group Inc (JPX) (8697.T) is considering takeovers in certain areas of its business but is not looking at large cross-border exchange mergers, its chief executive told a German newspaper.
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DECPG Global Weekly-February 13, 2015
February 13, 2015--Taking Stock
EU and Greece failed to find agreement over bailout conditions. Unable to arrive to an agreement over the bailout conditions for Greece, Eurozone finance ministers, along with the heads of the International Monetary Fund and the European Central Bank, pledged to keep talking in the coming days with the hope of coming up with a plan at their next meeting.
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Gold Demand Trends Full Year 2014
February 12, 2015--Executive summary:
This section of the report considers the main themes to have emerged in global gold demand and supply during 2014.
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Warning-Falling (U.S. Treasury) Objects
February 12, 2015--The remarkable collapse in the price of oil-a key global price that has virtually halved in the space of just a few months-has received a lot of attention lately.
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HK's CSOP expanding ETF business to US
February 12, 2015--Hong Kong-based CSOP Asset Management has been busy this year with new fund launches in the territory, where it is actively trying to drum up more retail business in a bid to get more institutional investors interested.
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IMF Working Paper-Asset Bubbles: Re-thinking Policy for the Age of Asset Management
February 11, 2015--Summary: In distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated (i.e. presumably rational) institutional investors.
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Moody's negative on SSGA ETF fee cut
February 10, 2015--State Street Global Advisors' decision last week to lower fees on 41 exchange-traded funds is credit negative for the firm and a handful of US ETF providers,
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BlackRock ETP Landscape: Currency-hedged equity surges
February 10, 2015--JANUARY ETP FLOWS HIGHLIGHTED BY STRENGTH FOR NON-U.S. DEVELOPED MARKETS EQUITIES AND FIXED INCOME
Global asset gathering moderated from recent months to $11.6bn, with significant inflows for Europe equity and corporate bonds diverging from heavy redemptions for U.S. large cap and EM equity
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Research: Fixed Income and Commodity ETFs/ETPs Have 3rd Best Month In January
February 9, 2015--ETFGI's new research finds overall net new asset (NNA) flows in January were US$12.2 Bn. Net inflows of US$13.3 Bn into fixed income products and US$5.2 Bn of net inflows of into commodity ETFs/ETPs globally ranked as the third largest months on record for both asset classes while equity ETFs/ETPs suffered net outflows of US$8.0 Bn in January.
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Deutsche Bank-Synthetic Equity & Index Strategy-ETF Annual Review & Outlook-ETF Assets to Pass $3 trillion
February 9, 2015--Report issued on January 26, 2015
Data in this report is as of 31st December 2014
ETF assets up by 17% reaching $2.64 trillion in 2014 driven by record inflows
The global ETF Industry experienced best growth ever pushing AUM to $2.6 trillion by the end of 2014 reaching a new record. The strong 17% growth was mainly attributable to organic sources (i.e. new money inflows) which made up 14.6%, while price appreciation had a much less significant contribution of 2.7%-definitely different from previous years when both components had contributed almost equally to the overall growth.
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ETF Securities Research-Precious Metals Weekly-Is that it for Gold? The Stock Market may be Key
February 9, 2015--Gold nears US$1,200/oz. support as stocks rally and volatility declines. Gold had its brief shining moment near US$1,300/oz. resistance a few weeks ago but has continued to back away, nearing US$1,200/oz. support. Friday's unemployment number for January was indisputably good, but bad for gold.
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Fixed income and commodity ETFs/ETPs globally both have 3rd best month gathering net inflows in January 2015, according to new research by ETFGI
February 9, 2015--ETFGI's new research finds overall net new asset (NNA) flows in January were US$12.2 Bn.
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Analysis: Basel III leverage ratio hits derivatives clearing
February 9, 2015--The introduction of a supplemental leverage ratio will hurt derivatives clearing and have other unintended consequences, industry participants say.
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Global pension fund assets reach new highs
DC assets predicted to overtake DB assets in the next few years
February 9, 2015--Global institutional pension fund assets in the 16 major markets grew by over 6% during 2014 (compared to around 10% in 2013) to reach a new high of US$36 trillion, according to Towers Watson's Global Pension Assets Study released today.
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Banks Prepare to Charge Fees for Trades at Benchmark Currency Rates
February 9, 2015--Some of the world's biggest currency dealers are preparing to charge clients for trades at benchmark rates, according to people with knowledge of the matter.
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BIS publishes indicators of global liquidity and analysis of oil market developments
February 7, 2015--The BIS today released an updated set of indicators of global liquidity, which are intended as measures of the ease of financing in global financial markets.
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DECPG Global Weekly-February 06,2015
February 6, 2015--Taking Stock
Global bond markets recorded strong gains. The global bond markets started the year on a strong note, with Bank of America Merrill Lynch's global bond index posting a record 1.7 percent gain in January.
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ETF 20/20 Trends: Swiss 'Shockolates' & The Eurozone Deflation Threat
February 6, 2015--Key Highlights
Our monthly 'ETF 20/20' report summarizes recent Exchange Traded Fund (ETF) trends in the US, using data from the First Bridge global ETF database.
US ETF assets fell inJan 2015 to $1.984T, due to the combination of a market decline and net outflows in US equities
Preliminary estimates from Eurostat indicate that price declines in the Eurozone accelerated in Jan 2015, raising the likelihood of further monetary stimulus
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FTSE Expands Infrastructure Index Series With Two Capped Indices
February 5, 2015--FTSE Group, the global index provider, has announced the expansion of its established FTSE Infrastructure Index Series with the launch of two capped indices to complement the FTSE Core Infrastructure Indices: FTSE Global Core Infrastructure Capped 50/50 Index and FTSE Developed Core Infrastructure Capped 50/50 Index.
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BIS-Credit risk management across sectors-report released by the Joint Forum
February 5, 2015--Today the Joint Forum released its report Developments in credit risk management across sectors: current practices and recommendations.
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FTSEangle.com: Welcome to Global Indices and Global Insights from FTSE
February 5, 2015--One of the fastest growing areas of passive investing focuses on investment products designed using alternatively weighted and factor exposure indices-sometimes called ?smart beta-that differ in essential ways from traditional capitalization-weighting.
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BATS Global Markets January 2015 Update: Record U.S. Options Market Share of 8.8%; Reports 24.2% European Equities Market Share; Completes Direct Edge Integration
February 4, 2015--BATS Global Markets (BATS) today reported January volume, market share, and monthly highlights including record market share for BATS Options of 8.8% and one of its strongest months on record in European equities with 24.2% market share.
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DMS-Deciphering Developing Markets-Greek Uncertainty Could Cause Larger Issues Within the European Union
February 3, 2015--The internet is awash with article upon article pushing one side and then the other about not only the Greek election results, but what the election of the far left party Syriza means to the unity of Europe.
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White Paper-The Significance of the Trading Range for Asset Prices & Influencing Factors
February 3, 2015--Ask any investor which two emotional forces drive a market, and he or she will most likely answer, "Fear and Greed." They know this because at some point every investor has had these two emotions affect his or her investing decisions.
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ETF Securities Research-Precious Metals Weekly-The January 2015 landscape is much changed from a year ago
February 2, 2015--Many of the facts have clearly changed from January 2014. Led by the 5.7% weekly decline in silver, precious metals (PMs) pared 2015 gains last week. Year-to-date most PMs have posted positive returns however. Currency volatility has been a key supportive factor, as exemplified by the price of gold in Euro terms which increased 16.2% in January, recording its' largest monthly gain in the history of the common currency1
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McKinsey Global Institute-Debt and (not much) deleveraging
February 2, 2015--Seven years after the bursting of a global credit bubble resulted in the worst financial crisis since the Great Depression, debt continues to grow. In fact, rather than reducing indebtedness, or deleveraging, all major economies today have higher levels of borrowing relative to GDP than they did in 2007.
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Average daily volume of 8.9 million contracts at Eurex Group in January
February 2, 2015--Monthly trading volumes at Eurex Exchange increase by 15 percent year-on-year/ Eurex's index derivatives segment with significant growth
February 2, 2015-- An average daily volume of 8.9 million contracts (January 2014: 8.5 million) was recorded at the international derivatives markets of Eurex Group in January 2015.
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